Page No 8.60:
Question 37:
Anju, Manju and Sanju were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On 31st March, 2019, their Balance Sheet was:
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Liabilities |
Amount |
Assets |
Amount |
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|
Creditors
|
50,000 |
Cash |
60,000 |
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Bank
Loan |
35,000 |
Debtor |
75,000 |
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Employees'
Provident Fund |
15,000 |
Stock |
40,000 |
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|
Investments
Fluctuation Reserve |
10,000 |
Investments |
20,000 |
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Commission
Received in Advance |
8,000 |
Plant |
50,000 |
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Capital
A/cs: |
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Profit
and Loss A/c |
3,000 |
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Anju |
50,000 |
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Manju |
50,000 |
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Sanju |
30,000 |
1,30,000 |
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2,48,000 |
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2,48,000 |
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On this date, the firm was dissolved. Anju was appointed to realise the assets.
Anju was to receive 5% commission on the sale of assets (except cash) and was
to bear all expenses of realisation.
Anju realised the assets as follows: Debtor ` 60,000;
Stock ` 35,500; Investments
`
16,000; Plant 90% of the book value. Expenses of Realisation amounted to
`
7,500. Commission received in advance was returned to custome
`
after deducting ` 3,000.
Firm had to pay ` 8,500 for Outstanding
Salary, not provided for earlier, Compensation paid to employees amounted
to ` 17,000. This liability was not provided for in the above
Balance Sheet. ` 20,000 had to be paid for
Employees' Provident Fund.
Prepare Realisation Account, Capital Accounts of Partners and Cash
Account.
Answer:
|
Realisation
Account |
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Dr. |
|
Cr. |
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Particulars |
Amount ` |
Particulars |
Amount ` |
|||||
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Debtor |
75,000 |
Creditors
|
50,000 |
|||||
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Stock |
40,000 |
Bank
Loan |
35,000 |
|||||
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Investments |
20,000 |
Provident
Fund |
15,000 |
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Plant |
50,000 |
Commission
Received in Advance |
8,000 |
|||||
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Cash
A/c: |
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Investments
Fluctuation Fund |
10,000 |
|||||
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Commision
Received in Advance |
5,000 |
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Cash
A/c: |
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||||
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Outstanding
Salary |
8,500 |
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Debtor |
60,000 |
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Compensation
paid to Employees |
17,000 |
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Stock |
35,500 |
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Provident
Fund |
20,000 |
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Investments |
16,000 |
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Creditors
|
50,000 |
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Plant |
45,000 |
1,56,500 |
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Bank
Loan |
35,000 |
1,35,500 |
Loss
transferred to: |
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Anuj’s
Capital A/c (Commission) |
7,825 |
Anju’s
Capital A/c |
21,530 |
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Manju’s
Capital A/c |
21,530 |
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Sanju’s
Capital A/c |
10,765 |
53,825 |
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3,28,325 |
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3,28,325 |
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Partners Capital Accounts |
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Dr. |
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Cr. |
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Particulars |
Anju |
Manju |
Sanju |
Particulars |
Anju |
Manju |
Sanju |
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Profit and Loss A/c |
1,200 |
1,200 |
600 |
Balance b/d |
50,000 |
50,000 |
30,000 |
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Realisation A/c |
21,530 |
21,530 |
10,765 |
Realisation A/c |
7,825 |
– |
– |
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Cash A/c |
35,095 |
27,270 |
18,635 |
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57,825 |
50,000 |
30,000 |
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57,825 |
50,000 |
30,000 |
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Cash Account |
|||||
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Dr. |
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Cr. |
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Particulars |
Amount ` |
Particulars |
Amount ` |
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Balance b/d |
60,000 |
Realisation A/c |
1,35,500 |
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Realisation A/c |
1,56,500 |
Anju’s Capital A/c |
35,095 |
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Manju’s Capital A/c |
27,270 |
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Sanju’s Capital A/c |
18,635 |
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2,16,500 |
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2,16,500 |
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Working Notes:
WN 1
Anju’s commissoin = Assets realised ×5/100
=156500×5/100=7,825
WN 2
Realisation
of plant=50,000×90/100=45,000
Page No 8.60:
Question 38:
A, B and C
were in partnership sharing profits in the ratio of 7 : 2 : 1 and the
Balance Sheet of the firm as at 31st March, 2019 was:
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Liabilities |
(
`) |
Assets |
(
`) |
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|
Capital
A/cs: |
|
Building |
20,000 |
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|
A |
12,410 |
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Plant |
31,220 |
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B |
8,650 |
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Goodwill |
10,000 |
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C |
80,620 |
1,01,680 |
100
Shares in X Ltd. (At cost) |
2,400 |
|
Creditors
|
|
11,210 |
1,000
Shares in Y Ltd. (At cost) |
10,000 |
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Reserve
for Depreciation on Plant |
|
20,000 |
Stock |
11,240 |
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Debtor |
8,740 |
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Bank |
1,210 |
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Patents |
38,080 |
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1,32,890 |
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1,32,890 |
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It was agreed to dissolve the partnership as on 31st March, 2019 and the terms
of dissolution were−
(a) A to take over the Building at an agreed amount of
`
31,500.
(b) B, who was to carry on the business, to take over the Goodwill,
Stock and Debtor at book value, the Patents at ` 30,000 and Plant
at ` 5,000. He was also to pay the Creditors .
(c) C to take over shares in X Ltd. at
` 15
each.
(d) The shares in Y Ltd. to be divided in the profit-sharing ratio.
Show Ledger Accounts recording the dissolution in the books of the firm.
Answer:
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Realisation Account |
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Dr. |
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Cr. |
||||
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Particulars |
Amount ` |
Particulars |
Amount ` |
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|
Building |
20,000 |
Creditors |
11,210 |
|||
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Plant |
31,220 |
Reserve for Depreciation on Plant |
20,000 |
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Good will |
10,000 |
A’s Capital A/c: |
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100 Shares in X Ltd. |
2,400 |
Building |
31,500 |
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1,000 Shares in Y Ltd. |
10,000 |
Shares of Y Ltd. |
7,000 |
38,500 |
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Stock |
11,240 |
B’s Capital A/c: |
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Debtor |
8,740 |
Good will |
10,000 |
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Patents |
38,080 |
Stock |
11,240 |
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B’s Capital A/c (Creditors ) |
11,210 |
Debtor |
8,740 |
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Patents |
30,000 |
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Plant |
5,000 |
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Shares of Y Ltd. |
2,000 |
66,980 |
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C’s Capital: |
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Shares of X Ltd. |
1,500 |
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Shares of Y Ltd. |
1,000 |
2,500 |
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Loss transferred to: |
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A’s Capital A/c |
2,590 |
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B’s Capital A/c |
740 |
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C’s Capital A/c |
370 |
3,700 |
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1,42,890 |
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1,42,890 |
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Partners Capital Accounts |
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Dr. |
|
Cr. |
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Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
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Realisation A/c (Assets) |
38,500 |
66,980 |
2,500 |
Balance b/d |
12,410 |
8,650 |
80,620 |
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Realisation A/c (Loss) |
2,590 |
740 |
370 |
Realisation A/c (Creditors ) |
– |
11,210 |
– |
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Bank A/c |
– |
– |
77,750 |
Bank A/c |
28,680 |
47,860 |
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41,090 |
67,720 |
80,620 |
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41,090 |
67,720 |
80,620 |
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Bank Account |
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Dr. |
|
Cr. |
|||
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Particulars |
Amount ` |
Particulars |
Amount ` |
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Balance b/d |
1,210 |
C’s Capital A/c |
77,750 |
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A’s Capital A/c |
28,680 |
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B’s Capital A/c |
47,860 |
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|
77,750 |
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77,750 |
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Working Notes:
Distribution of Shares in Y Ltd.
Distribution of shares in Y Ltd. among the partners:
A's Share = 10,000×7/10=
`.7,000
B's Share = 10,000×2/10=
`.2,000
C's Share = 10,000×1/10=
`.1,000
Page No 8.61:
Question 39:
Srijan, Raman and Manan were partners in a firm sharing profits and
losses in the ratio of 2 : 2 : 1. On 31st, March, 2017 their Balance Sheet was
as follows:
|
BALANCE SHEET OF
SRIJAN, RAMAN AND MANAN as on 31st March, 2017 |
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Liabilities |
Amount |
Assets |
Amount |
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Capitals: |
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Capital:
Manan |
10,000 |
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Srijan |
2,00,000 |
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Plant |
2,20,000 |
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Raman |
1,50,000 |
3,50,000 |
Investments |
70,000 |
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Creditors
|
|
75,000 |
Stock |
50,000 |
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Bills
Payable |
|
40,000 |
Debtor |
60,000 |
|
Outstanding
Salary |
|
35,000 |
Bank |
10,000 |
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Profit
and Loss Account |
80,000 |
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|
5,00,000 |
|
5,00,000 |
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On the above date they decided to dissolve the firm.
(a) Srijan was appointed to realise the assets and discharge the liabilities.
Srijan was to receive 5% commission on sale of assets (except cash) and was to
bear all expenses of realisation.
(b)
|
Assets
were realised as follows: |
` |
|
Plant |
85,000 |
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Stock |
33,000 |
|
Debtor |
47,000 |
(c) Investments were realised at 95% of the book value.
(d) The firm had to pay ` 7,500 for an outstanding
repair bill not provided for earlier.
(e) A contingent liabillity in respect of bills receivable, discounted with the
bank had also materialised and had to be discharged for
`
15,000.
(f) Expenses of realisation amounting to ` 3,000 were paid
by Srijan.
Prepare Realisation Account, Partners' Capital Accounts and Bank Account.
Answer:
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Dr. |
Realisation A/c |
Cr. |
|||||
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Particulars |
Amount ( `) |
Particulars |
Amount ( `) |
||||
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To
Plant |
2,20,000 |
By
Creditors |
75,000 |
||||
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To
Investments |
70,000 |
By
Bills Payable |
40,000 |
||||
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To
Stock |
50,000 |
By
Outstanding Salary |
35,000 |
||||
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To
Debtor |
60,000 |
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To
Srijan’s Capital A/c (Commission) |
11,575 |
By
Bank A/c: |
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To
Bank A/c: |
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Investments |
66,500 |
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Outstanding Bill Repair |
7,500 |
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Plant |
85,000 |
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Contingent liability against bills payable |
15,000 |
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Stock |
33,000 |
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Creditors |
75,000 |
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Debtor |
47,000 |
2,31,500 |
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Bills Payable |
40,000 |
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|||
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Outstanding Salary |
35,000 |
1,72,500 |
By
Loss on Realisation transferred to: |
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Srijan’s Capital A/c |
81,030 |
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Raman’s Capital A/c |
81,030 |
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Manan’s Capital A/c |
40,515 |
2,02,575 |
|||
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||||
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|
5,84,075 |
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5,84,075 |
||||
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Dr. |
Partner’s Capital A/c |
Cr. |
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Particulars |
Srijan ( `) |
Raman ( `) |
Manan ( `) |
Particulars |
Srijan ( `) |
Raman ( `) |
Manan ( `) |
||
|
To
balance b/d |
|
|
10,000 |
By
balance b/d |
2,00,000 |
1,50,000 |
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||
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To
Realisation A/c (Loss) |
81,030 |
81,030 |
40,515 |
By
Realisation A/c (Commission) |
11,575 |
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To
Profit & Loss A/c |
32,000 |
32,000 |
16,000 |
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To
Bank A/c (Final Payment) |
98,545 |
36,970 |
– |
By
Bank A/c |
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|
66,515 |
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2,11,575 |
1,50,000 |
66,515 |
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2,11,575 |
1,50,000 |
66,515 |
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Dr. |
Bank A/c |
Cr. |
|||
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Particulars |
Amount ( `) |
Particulars |
Amount ( `) |
||
|
To
balance b/d |
10,000 |
By
Srijan’s Capital A/c |
98,545 |
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To
Realisation A/c (Asset Realised) |
2,31,500 |
By
Raman’s Capital A/c |
36,970 |
||
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To
Manan’s Capital A/c |
66,515 |
By
Realisation A/c (Liabilities Paid) |
1,72,500 |
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||
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|
3,08,015 |
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3,08,015 |
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Page No 8.61:
Question 40:
There are two partners X and Y in a firm and their capitals are ` 50,000 and ` 40,000. The Creditors are ` 30,000. The assets of the firm realise ` 1,00,000. How much will X and Y receive?
Answer:
|
Realisation Account |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
Amount ` |
Particulars |
Amount ` |
||
|
Sundry Assets (WN) |
1,20,000 |
Creditors |
30,000 |
||
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Cash A/c |
30,000 |
Cash A/c |
1,00,000 |
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Loss transferred to: |
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X’s Capital A/c |
10,000 |
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Y’s Capital A/c |
10,000 |
20,000 |
|
|
|
1,50,000 |
|
1,50,000 |
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Partners Capital Accounts |
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Dr. |
|
Cr. |
||||||||||
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Particulars |
X |
Y |
Particulars |
X |
Y |
|||||||
|
Realisation A/c (Loss) |
10,000 |
10,000 |
Balance b/d |
50,000 |
40,000 |
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Cash A/c |
40,000 |
30,000 |
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|||||||
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50,000 |
40,000 |
|
50,000 |
40,000 |
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Cash Account |
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|||||||||||
|
Dr. |
|
Cr. |
|
|||||||||
|
Particulars |
Amount ` |
Particulars |
Amount ` |
|
||||||||
|
Realisation A/c |
1,00,000 |
Realisation A/c |
30,000 |
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||||||||
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X’s Capital A/c |
40,000 |
|
||||||||
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Y’s Capital A/c |
30,000 |
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||||||||
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|
||||||||
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|
1,00,000 |
|
1,00,000 |
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Working Note:
|
Memorandum Balance Sheet |
||||
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Liabilities |
Amount ` |
Assets |
Amount ` |
|
|
Capital A/c |
|
Sundry Assets |
1,20,000 |
|
|
X |
50,000 |
|
(Balancing Figure) |
|
|
Y |
40,000 |
90,000 |
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|
Creditors |
30,000 |
|
|
|
|
|
|
|
|
|
|
|
1,20,000 |
|
1,20,000 |
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